Playgon Games Inc. announced a brokered unsecured convertible debenture private placement or gross proceeds of up to CAD 2,000,000 on March 27, 2023. The debentures will mature 24 months from closing of the transaction and each CAD 1,000 debenture will bear simple interest at 10% per annum paid semi-annually in arrears on the last day of June and December. The debentures shall be convertible into common shares of the company at CAD 0.10 per share.

All the securities to be issued shall be subject to hold period of four months and one day from the closing of the transaction. The common shares trade or close at a price equal to CAD 0.25. The Company has agreed to pay the Agents a cash commission equal to 6.0% of the gross proceeds of the brokered offering, as well as issue to the agents share purchase warrants.

The company has also granted the agents an option to sell up to an additional CAD 500,000 of new debentures under the brokered offering, exercisable in whole or in part up until 48 hours prior to the Closing Date. The transaction is subject to the approval of the TSXV and the satisfaction of customary closing conditions for transactions of this nature.